John asked for a chart of UMC:
Hi TraderMike — wonder what you think of UMC. Think it is trying to form a base? doomed to fail at $3 and drop more? thanks, James
It does appear to be basing to me. I don’t see a good risk reward play on this stock right now since it’s too close to support to short. Earnings are February 1st, so it may make a lot of sense to wait until after that report to take another look at this.
